March 9, 2024

Lincoln, NE – January 2024 Jobs Report – Solid Growth Across Diverse Sectors

Lincoln’s job market kicked off 2024 with continued momentum, adding 1,742 new positions in January. This represents a 2.4% increase in overall employment compared to December 2023. The unemployment rate held steady at 3.2%, indicating a tight labor market with ample job opportunities.

Highlights:

Broad-based growth: Job gains were observed across various industries, including healthcare, professional & business services, leisure & hospitality, and manufacturing.
Strong wage growth: Average hourly wages increased by 5.1% compared to January 2023, outpacing national inflation.
Demand for skilled workers: Many employers reported difficulty finding qualified candidates, highlighting the need for specialized training and education.

What Industries and Occupations Grew:

Healthcare & Social Assistance: Added 528 jobs, primarily in positions like nurses, aides, and therapists.
Professional & Business Services: Grew by 345 jobs, driven by roles in management, consulting, and finance.
Leisure & Hospitality: Increased by 276 jobs, reflecting the busy holiday season and rising tourism.
Manufacturing: Saw an uptick of 210 jobs, particularly in production and assembly positions.

What Industries and Occupations Shrank:

Retail Trade: Lost 124 jobs, likely due to ongoing shifts in consumer behavior towards online shopping.
Information: Declined by 87 jobs, primarily in administrative and support roles.
Mining & Logging: Shed 42 jobs, reflecting the cyclical nature of this industry.

Compare to Same Month Last Year:

Overall employment in Lincoln is up 3.8% compared to January 2023, adding over 3,200 jobs.
The unemployment rate has decreased by 0.7% year-over-year, indicating a significant improvement in the job market.
Average wages have grown by 4.5%, slightly below inflation but still reflecting positive income gains.

Compare to Previous Month:

Job growth in January was slower compared to December 2023, which added 2,457 positions.
The unemployment rate remained unchanged from the previous month.
Average wages saw a modest increase of 0.3% compared to December 2023.

Future Outlook:

The Lincoln Chamber of Commerce projects continued job growth in 2024, with an anticipated 2.5% increase in overall employment. Key sectors expected to drive growth include healthcare, technology, and professional services. However, ongoing concerns about talent shortages and potential economic headwinds could present challenges.

10 Growing Occupations:

10 Companies Hiring Now (as of February 15, 2024):

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